Century Casinos Inc. reported a record second-quarter net operating revenue of $152 million, up 1% year-over-year, alongside a record adjusted EBITDA of $31.7 million, a 5% increase from the prior year. The company’s U.S. and Canada EBITDA less corporate expense rose 12% in the quarter and 17% year-to-date, with every North American property recording year-over-year growth in both revenue and EBITDA. Most properties delivered double-digit EBITDA expansion, according to remarks at the Lytham Partners 2026 Consumer & Technology Investor Summit.
The company’s Las Vegas-based portfolio includes The Nugget in Northern Nevada, which posted a 16% increase in net operating revenue and a 93% rise in adjusted EBITDA for the quarter. The property, featuring a 1,400-room hotel, convention facilities, and entertainment operations, has now achieved three consecutive quarters of year-over-year EBITDA growth. Century Casinos also highlighted its Missouri portfolio, where Caruthersville recorded the highest quarterly gross gaming revenue, net revenue, coin-in, and slot win in its history during the second quarter. The property has now achieved nine consecutive quarters of year-over-year growth in both revenue and adjusted EBITDA.
Rocky Gap Resort in Maryland reported a 9% year-to-date EBITDA increase despite a challenging competitive and consumer environment, positioning it as the sole casino resort operating within a state park in the U.S. Management emphasized that the majority of revenue originates from drive-through markets, defined as customers within roughly an hour’s drive of the properties.
On a trailing 12-month basis, Century Casinos reported revenue of $580.95 million, a gross profit margin of 43.64%, and a net loss per share of $1.93. The company’s stock closed at $1.265 on Tuesday, down 1.17% and 50% lower than a year ago, with analyst price targets ranging from $2.50 to $3.00. As of June 30, 2024, Century Casinos held $60.2 million in cash and cash equivalents against total debt of $336.5 million, resulting in net debt of $276.3 million. The net debt-to-EBITDA ratio improved to 6.5 times, with management expecting it to fall to well below six times by year-end. No debt maturities are due until the second quarter of 2029.
Capital expenditure is projected to decline to about $15 million in 2024, down from $18 million in 2023, with similar spending levels expected in 2025. Century Casinos does not anticipate pursuing mergers or acquisitions for at least the next 12 to 18 months, according to comments from Co-CEO and Vice Chairman Peter Hoetzinger, who co-founded the company in 1993 and listed it on Nasdaq in 1994.
